Atlanta Mortgage Rate Update - 5/15/2006

Atlanta mortgage rates were up about 1/8% again last week. The Fed, for the 16th consecutive meeting, raised interest rates by 1/4%. The Fed Funds Rate now stands at 5% from it's low nearly 2 years ago of 1%.

This impacts any short-term debt that you have. That would include HELOCs, credit cards, and any adjustable rate mortages that have exited their fixed rate period. Again, we urge anyone who is still in an adjustable rate mortgage to move into a fixed 30 year mortgage immediately. 30 year rates still remain very attractive, but all trends seem to be pointing toward rates north of 7% in the next 3-4 months. Get in now, then we'll keep put you in our rate watcher program and refinance you when rates improve - perhaps in 2007 or 2008.